The Minister for Lands and Natural Resources, Samuel A. Jinapor, has disclosed that Government’s quest to build an integrated aluminum industry in the country is on course, and progressing steadily.
According to him, this is in line with the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), which establishes the Ghana Integrated Aluminium Development Corporation (GIADEC) to promote and develop an integrated aluminium industry in the country.
Delivering the keynote address at the workshop, Mr. Jinapor emphasized the need to add value to Ghana’s mineral resources to ensure optimal benefit from these resources. He indicated that Government has since 2017 been pursuing this path for all its mineral resources including gold, bauxite, iron ore, lithium and other green minerals.
Speaking specifically on bauxite, Mr. Jinapor explained that while the raw ore sells for around $60.00 per metric tonne, primary aluminium, produced from bauxite, sells for over $2,000.00 per metric tonne.
Prospect of Ghana’s Integrated Aluminium industry
Furthermore, the lands minister highlighted that Ghana has an estimated bauxite resource base of over nine hundred million metric tonnes, capable of creating some two million sustainable jobs, and generating over One trillion Dollars in revenue if fully integrated. Unfortunately, he stated that Ghana has over the years, failed to make the needed investment in this area.
To this end, he expressed Government’s optimism on the contribution of a fully integrated aluminium industry to socio-economic development.
“It is for this reason that in 2018, the President of the Republic, H.E. Nana Addo Dankwa Akufo-Addo, took that bold decision to establish, by an Act of Parliament, the Ghana Integrated Aluminium Development Corporation (GIADEC), to promote and develop an integrated aluminium industry, here in our country.”
Samuel Jinapor
Subsequently, Mr Jinapor emphasized that GIADEC has, since its establishment, developed a Masterplan for the upstream sector, and is implementing its Four Project Agenda, to expand the existing mine, build three additional mines, build refineries, and modernize the Volta Aluminium Company (VALCO); with all four projects at various stages of implementation. He explained that it is therefore necessary to prepare the downstream industry and make it ready to off-take products from the upstream industry.
Following this, he urged participants at the workshop to bring their expertise to bear and come out with policy options and plans that will help build a robust, functioning and vibrant downstream aluminium industry that contributes, meaningfully, to the national economy.
Other participants at the workshop included senior officials of the Ministry of Trade and Industry, Overseas Development Institute, the Africa Continental Free Trade Area Secretariat, and companies in the upstream and downstream aluminium industry.
The Minister made this statement when he opened a two-day Workshop on the downstream aluminium industry in Akosombo in the Eastern Region. The workshop, which was organized by GIADEC, in partnership with the Strategic Anchor Industries Unit of the Ministry of Trade and Industry and the Overseas Development Institute (ODI), brought together stakeholders in the aluminium industry to deliberate on policy options and implementation plan for the downstream aluminium industry.
This follows an extensive research, data collection and technical analysis of best practices across the world carried out by GIADEC and ODI.
It will be recalled that Government’s ‘Ghana Beyond Aid’ birthed the Ghana Integrated Aluminium Development Corporation (GIADEC) which was established through an Act of Parliament – The Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976) assented to in August 2018 with a clear mandate to promote and develop an IAI in Ghana.
Empowered by its objects under Act 976, GIADEC holds and manages all of Government of Ghana’s current and future interest and investments in the IAI which includes the entire value chain in the production of aluminium.
Through a series of engagements with Government of Ghana stakeholder organisations, GIADEC has developed an Outline Masterplan for Ghana’s IAI. The Masterplan underpins the execution of Ghana’s IAI.
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